Halliburton Co. stock HAL, +2.07% rose 1.8% in premarket trade Tuesday, after the energy services company posted better-than-expected earnings for the third quarter. Halliburton had net income of $544 million, or 60 cents a share, for the quarter, up from $236 million, or 26 cents a share, in the year-earlier period. Revenue rose to $5.357 billion from $3.860 billion. The FactSet consensus was for EPS of 56 cents and revenue of $5.342 billion. “Total company revenue grew 6% sequentially, as activity and pricing increased simultaneously in North America and International markets,” Chief Executive Jeff Miller said in a statement. Miller is expecting continued revenue growth despite an “extremely tight” market. Completion and production revenue rose 8% to $3.1 billion in the quarter, he said. Drilling and evaluation revenue rose 3% to $2.2 billion. Both divisions saw results hit by the company’s wind down and sale of its Russia operations. Shares have gained 51% in the year to date, easily outperforming the S&P 500 SPX, +1.19%, which has fallen 20%.
